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Manage budgets in the creative industries

URN: SKSCMGS5
Business Sectors (Suites): Creative Media Generic Skills
Developed by: ScreenSkills
Approved on: 2024

Overview

This standard is about monitoring the budget against a plan. It includes assessing the implications of any necessary re-allocations or re-distributions of the budget and keeping relevant people informed of changes.

Budgets may be internal or external to the organisation.

This standard could be used in all roles in the screen industries and also applies to wider creative industry roles for example theatre, live events, cultural heritage and design occupations.

Performance criteria

You must be able to:

  1. monitor and manage budgets to ensure that resources are being used according to agreed budget plans
  2. ensure that full details of the administration, control and spending of budgets are made available
  3. identify and record risks and contingencies that could affect budget plans
  4. identify and consider additional resources that could be required and their implications on budgets
  5. identify the causes of any significant variances between what was budgeted and what has been spent
  6. propose revisions to budgets in response to variances or unforeseen developments
  7. obtain agreement for changes to budget allocations
  8. use budget monitoring information to prepare future budgets

Knowledge and Understanding

You need to know and understand:

  1. the creative objectives and how they impact on business objectives
  2. the agreed budget and when it can be changed without approval
  3. the relationship between the budget and the plan
  4. how to monitor and control budget
  5. the main causes of variances and how to identify them
  6. the different types of corrective action to be taken to address identified variances
  7. how to deal with risks and contingencies that can affect a budget
  8. how to negotiate, agree and record changes to budgets
  9. who needs to agree revisions to budgets
  10. who needs to be kept informed about performance against budget and changes to budget
  11. the importance of using budget monitoring information for the preparation of future budgets

Scope/range

Scope Performance

Scope Knowledge

Values

Behaviours

Skills

Glossary

Links To Other NOS

External Links

Version Number

3

Indicative Review Date

2027

Validity

Current

Status

Original

Originating Organisation

ScreenSkills

Original URN

SKSGS5

Relevant Occupations

Arts, Media and Publishing, Crafts, Creative Arts and Design, Design Associate Professionals, Marketing Associate Professionals, Media and Communication, Media Associate Professionals, Performing Arts, Technical Services and Distribution (Film & TV), Post Production Professionals, Sound Production Professionals (Film & TV), Animation Professionals, Physical Special Effects Professionals, Technical support roles for Sound Recording and Music Technology , Digital Marketing Occupations, Interactive Media Professionals, Games Professionals

SOC Code

Keywords

manage; monitor; budgets; cost; allocations; creative objectives; business objectives; contingencies; variances; creative industries;